{"id":389514,"date":"2019-07-11T07:00:51","date_gmt":"2019-07-11T07:00:51","guid":{"rendered":"https:\/\/wncen.com\/?p=389514"},"modified":"2024-06-11T17:31:26","modified_gmt":"2024-06-11T17:31:26","slug":"litecoin-co-founder-expects-a-difficulty-readjustment-ltc-down-14-5","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/litecoin-co-founder-expects-a-difficulty-readjustment-ltc-down-14-5\/","title":{"rendered":"Litecoin Unfazed by Trump&#8217;s Anti-Bitcoin Tweet: Does LTC Have Legs?"},"content":{"rendered":"<ul>\n<li><em>Litecoin (LTC) is down around 15% in the past two days. But, LTC is effectively flat in the past 24 hours.\u00a0<\/em><\/li>\n<li><em>The block reward reduction event, dubbed a &#8220;halving&#8221;, is rapidly approaching.\u00a0<\/em><\/li>\n<\/ul>\n<p><em>After a brutal crash earlier this week, Litecoin has stabilized, finding itself just over $100 at $103 despite an anti-crypto and -Bitcoin tweet from Donald Trump. <\/em><\/p>\n<p><em>Its price action has mostly been a byproduct of Bitcoin&#8217;s movements, which have been rather bearish after Tuesday&#8217;s blow-off top.<\/em><\/p>\n<h2>Litecoin Price Analysis<\/h2>\n<h3>Fundamentals<\/h3>\n<p><a href=\"https:\/\/wncen.com\/2019\/07\/08\/less-than-a-month-to-litecoin-halving-can-ltc-push-higher\/\">Litecoin<\/a> is about to experience its next halving event. For those not versed in &#8220;crypto-speak&#8221;, this means that the number of LTC issued each 2.5 minutes will be slashed in half, hence &#8220;halving&#8221;.\u00a0Such events take place every four years, meaning that Litecoin has a slowly-decreasing inflation rate \u2014 music to the ears of &#8220;hard money&#8221; advocates.<\/p>\n<p>According to a recent interview with Charlie Lee, a <a href=\"https:\/\/wncen.com\/2019\/06\/26\/coinbase-pro-lists-ethereum-based-chainlink-link-after-google-name-drop\/\">Google<\/a> engineer-turned-early Bitcoin pioneer and Litecoin creator, the halving may be a short-term &#8220;shock&#8221; to the blockchain.<\/p>\n<p>You see, if LTC prices don&#8217;t appreciate sufficiently prior to the event, Litecoin miners may be incentivized to shut off their mining machines as the block reward reduction hits, as that effectively cuts their profits in half.<\/p>\n<p>If too many mining farms enlist this strategy, the Litecoin blockchain will slow, leading to a delay in transaction processing because of a lack of network security. However, this issue will be quickly reverted once the blockchain automatically adjusts the difficulty of blocks.\u00a0As Lee expounds:<\/p>\n<blockquote><p>\u201cThe halvening is always kind of a shock to the system. When the mining rewards get cut in half, some miners will not be profitable, and they will shut off their machine.<\/p>\n<p>If a big percentage does that, then blocks will slow down for some time. For Litecoin it\u2019s three and a half days before the next change, so possibly like seven days of slower blocks, and then after that, the difficulty will readjust, and everything will be fine.\u201d<\/p><\/blockquote>\n<p>This is the worst case scenario, though. As many analysts expect, LTC should appreciate by a large amount ahead of the event. In fact, as NewsBTC&#8217;s Martin Young <a href=\"https:\/\/wncen.com\/2019\/06\/30\/litecoin-surged-370-the-month-before-last-halving-will-it-repeat-this-time\/\">pointed out earlier<\/a>, in the month coming up to the previous Litecoin halving, the asset gained 400%. The same may be unlikely to occur this time around, but some are eagerly hoping for such an auspicious event.<\/p>\n<h2>Candlestick Arrangement<\/h2>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-389515\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Litecoin-Daily-Chart-July-11.png?resize=1366%2C768\" alt=\"Litecoin LTC\" width=\"1366\" height=\"768\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Litecoin-Daily-Chart-July-11.png?w=1366 1366w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Litecoin-Daily-Chart-July-11.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Litecoin-Daily-Chart-July-11.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Litecoin-Daily-Chart-July-11.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Litecoin-Daily-Chart-July-11.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/07\/Litecoin-Daily-Chart-July-11.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/p>\n<p>At fourth, Litecoin is well-capitalized thanks to exemplary performance in the first half of the year. The rally from lows of $20 to over $120, Litecoin bulls were on a roll. However, like all near perpendicular expansions, the correction is often brutal.<\/p>\n<p>Evident in <a href=\"https:\/\/wncen.com\/2019\/07\/06\/litecoin-ltc-may-break-or-soar-in-a-months-time\/\" target=\"_blank\" rel=\"noopener noreferrer \">LTC price action<\/a>, the coin is down 14.5 percent in 24 hours and likely to lose more in coming days. From the chart, the drop below $100 is leading. Since LTC is within a bullish breakout pattern against the USD and currently retesting the main support trend line, any breach and close below $90 could trigger panic sells.<\/p>\n<p>In a typical correction, odds are LTC will drop to $50 before recovering.<\/p>\n<h2>Technical Indicators<\/h2>\n<p>Therefore, from above June 27 candlestick is leading. As an extensive bear bar differentiating itself from others with high trading volumes of 824k, any close below the support trend line must be with equally high participation. Should LTC drop below $90 with a spike in participation confirming losses of June 27, prices may drop to $50 in a typical retest.<\/p>\n<pre><a href=\"https:\/\/www.tradingview.com\/\" rel=\"nofollow\"><em><strong>Chart<\/strong><\/em><\/a><em><strong> courtesy of Trading View. Image Courtesy of Shutterstock<\/strong><\/em><\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Litecoin (LTC) is down around 15% in the past two days. But, LTC is effectively flat in the past 24 hours.\u00a0 The block reward reduction event, dubbed a &#8220;halving&#8221;, is rapidly approaching.\u00a0 After a brutal crash earlier this week, Litecoin has stabilized, finding itself just over $100 at $103 despite an anti-crypto and -Bitcoin tweet from Donald Trump. Its price action has mostly been a byproduct of Bitcoin&#8217;s movements, which have been rather bearish after Tuesday&#8217;s blow-off top. Litecoin Price Analysis Fundamentals Litecoin is about to experience its next halving event. For those not versed in &#8220;crypto-speak&#8221;, this means that the number of LTC issued each 2.5 minutes will be slashed in half, hence &#8220;halving&#8221;.\u00a0Such events take place every four years, meaning that Litecoin has a slowly-decreasing inflation rate \u2014 music to the ears of &#8220;hard money&#8221; advocates. According to a recent interview with Charlie Lee, a Google engineer-turned-early Bitcoin pioneer and Litecoin creator, the halving may be a short-term &#8220;shock&#8221; to the blockchain. You see, if LTC prices don&#8217;t appreciate sufficiently prior to the event, Litecoin miners may be incentivized to shut off their mining machines as the block reward reduction hits, as that effectively cuts their profits in half. If too many mining farms enlist this strategy, the Litecoin blockchain will slow, leading to a delay in transaction processing because of a lack of network security. However, this issue will be quickly reverted once the blockchain automatically adjusts the difficulty of blocks.\u00a0As Lee expounds: \u201cThe halvening is always kind of a shock to the system. When the mining rewards get cut in half, some miners will not be profitable, and they will shut off their machine. If a big percentage does that, then blocks will slow down for some time. For Litecoin it\u2019s three and a half days before the next change, so possibly like seven days of slower blocks, and then after that, the difficulty will readjust, and everything will be fine.\u201d This is the worst case scenario, though. As many analysts expect, LTC should appreciate by a large amount ahead of the event. In fact, as NewsBTC&#8217;s Martin Young pointed out earlier, in the month coming up to the previous Litecoin halving, the asset gained 400%. The same may be unlikely to occur this time around, but some are eagerly hoping for such an auspicious event. Candlestick Arrangement At fourth, Litecoin is well-capitalized thanks to exemplary performance in the first half of the year. The rally from lows of $20 to over $120, Litecoin bulls were on a roll. However, like all near perpendicular expansions, the correction is often brutal. Evident in LTC price action, the coin is down 14.5 percent in 24 hours and likely to lose more in coming days. From the chart, the drop below $100 is leading. Since LTC is within a bullish breakout pattern against the USD and currently retesting the main support trend line, any breach and close below $90 could trigger panic sells. In a typical correction, odds are LTC will drop to $50 before recovering. Technical Indicators Therefore, from above June 27 candlestick is leading. As an extensive bear bar differentiating itself from others with high trading volumes of 824k, any close below the support trend line must be with equally high participation. Should LTC drop below $90 with a spike in participation confirming losses of June 27, prices may drop to $50 in a typical retest. Chart courtesy of Trading View. Image Courtesy of Shutterstock<\/p>\n","protected":false},"author":384,"featured_media":347587,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[1290,8080,10],"class_list":["post-389514","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-charlie-lee","tag-halving","tag-litecoin"],"acf":[],"yoast_head":"\n<title>Litecoin Co-Founder Expects A Difficulty Readjustment, LTC Down 14.5%<\/title>\n<meta name=\"description\" content=\"Halving in less than a month, Charlie Lee, the co-founder of Litecoin expects a difficulty readjustment that may temporarily affect LTC miners.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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